Luxe Austin Homes - rent

"AUSTIN SEES RENT REDUCTIONS AND SLOWING APARTMENT CONSTRUCTION AMID REAL ESTATE MARKET SHIFTS"

Hoodline Austin writes, "As rents across Austin experience an unexpected dip, the city is witnessing a shift, where rent decreases have ushered in a slowed momentum for new apartment constructions, revealed data from Realtor.com and insights from local experts. Rents in Austin have seen a near 10% reduction from May 2023 to May 2024, with average rent for small to medium apartments at $1,400, while the national median stood at $1,700, as noted by KVUE.

After a substantial uptick in rental prices, due in part to an influx of residents and low pandemic-era interest rates, construction boomed, yet this surge is tapering off as building costs increase alongside interest rates and market profitability becomes less certain, a situation underscored by a…

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"US rental market continues to cool as record amount of new supply delivers"

Austin Business Journal writes, "The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.

Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022.

And while most rental markets similarly have come off an August or September 2022 peak, a few locations are bucking the trend — including Indianapolis, Milwaukee and Minneapolis, which all experienced record-high rents in April, Realtor.com found.

Danielle Hale, chief…

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"Five questions with Austin's top multifamily developer"

Austin Business Journal writes, "Multifamily development in Austin has slowed dramatically.

In April, 29,669 multifamily units were under construction across 104 communities in the metro, compared to 50,393 units under construction in 178 communities during the same month last year, according to ApartmentData.com.

The Journeyman Group ranked at the top of ABJ's latest list of multifamily real estate developers, with 3,944 units in the works or delivered in the Austin area last year. Journeyman Group has an additional 1,613 units planned for the area.

Alliance Residential ranked second on the list with 3,089 units in 2023, while The NRP Group took the No. 3 spot with 2,442 units. Wilson Capital ranked fourth with 2,135 units and Endeavor…

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"Austin nests on Zillow list of best cities for first-time homebuyers"

Culturemap Austin shares, "It's not easy to buy a home anywhere, but folks in Austin are doing way better than average, according to Zillow. Texas' capital ranked No. 5 among the top 10 U.S. cities for buying a first home.

In 2023, new homebuyers occupied the largest slice of the market since the report started in 2018, making up about half of all buyers. The demographic was only 37 percent in 2021. It cites the "rate lock" effect for keeping "repeat buyers" from moving on too quickly and abandoning their lower mortgage rates. Hopefully strength in numbers gives newcomers a little more power against flippers and developers.

The new Zillow report further helps follow purchasing power, identifying places with a larger selection of homes and more…

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"Austin rents lose steam, with second-steepest decline in December among major U.S. metros"

Austin American-Statesman reports, "just as it is a buyer's market in Central Texas' single-family housing market, so too is it a renter's market in the Austin-area apartment market.

Likely to the dismay of landlords and delight of tenants, Austin saw the second-steepest yearly decline among metros in the latest study by Rent.com.

Rents in Austin dropped 12.5% in December compared with December 2023, according to the study, which tracked rates in the nation's 50 largest metros.

Asking rents in Austin were $1,985 a month in December, versus $2,270 a month the prior December, the study said.

Austin's decline was followed by Raleigh, North Carolina, where rents dropped almost 12.2% to $1,873, and the Las Vegas-Henderson-Paradise metro, where…

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"Economists predict mixed results for 2024 Texas real estate"

Researchers expect real estate in Texas to slow in single-family home prices but increase in other areas.

KVUE reports, "real estate experts now have an idea of what to expect this year for Texas real estate.

The KVUE Defenders pulled information from the Texas Real Estate Research Center at Texas A&M University, The Austin Board of Realtors and the Federal Reserve Bank of Dallas.

In the first quarter of 2023, the home price index for Austin-Round Rock was -8.43%, according to Texas Real Estate Research Center. Records show it fell again by double digits (-11.86%) in the second quarter. The home price index for Austin-Round Rock showed -6.19% for the third quarter.

The Texas Real Estate Research Center and Austin Board of…

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"The rental market’s downward slide: 5 straight months of falling rents"

The New York Post writes, "rents continued to fall around the country as more rental units hit the market.

September marked the fifth month in a row of year-over-year rent declines, with prices decreasing 0.7%, according to a recent Realtor.com® report. The median asking rent dropped to $1,747 in September. That was a $5 dip from August 2023 and a $29 decrease from July 2022, when rental prices peaked.

Renters are still paying more than pre-pandemic times, however. September 2023 rents were $338 — a whopping 24% — higher than September 2019.

The report looked at rents for studios and one-bedroom and two-bedroom apartments, condos, townhomes, and single-family homes in the 50 largest metros. (Metros include the main city and surrounding towns,…

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"First tiny home village in Austin suburb sees big demand"

Culturemap Austin reports, "a Round Rock developer built a first-of-its-kind community to bring a tiny solution to a large problem. He's tackling affordability with a new tiny home community called Mustard Seed Village.

"Very grateful. I mean, it's almost like a miracle in a sense," Mohammed Mbaya said.

Mbaya searched all over Cental Texas for an affordable place to live.

"Houses are expensive all around Round Rock, just like Austin. So to find a place like this in Round Rock, it's like, perfect," Mbaya said.

He said when he first found these homes, he wasn't immediately convinced. "Honestly, at first I was like, 'Tiny home, I don't know. I'm not sure how tiny it is,'" he said.

But after seeing the layout, he said it just made sense.…

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Austin rent prices increased nearly 10 percent from 2022, report finds

CultureMap Austin writes, "apartment rent keeps going up in Texas, and in Austin the increase is nearly 10 percent more than last year, making it increasingly difficult to afford living in the city. That’s according to a new national rent report from online rental marketplace Zumper.

Despite rent increases showing a small slowdown month-over-month, overall prices are still on the high side from the previous year. For example, the average rent for a two-bedroom apartment in Austin is $2,070 now, in March of 2023, which is a one percent increase from the previous month, but a nearly 10 percent increase from 2022 at 8.4 percent. The average rent for a one-bedroom is $1,670, which is a mere .60 percent increase month-over-month, but a whopping 7.7…

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"Is Austin housing hot or not? Prices are sliding but buyers, sellers cautiously test waters"

Austin Business Journal writes, "despite chilly forecasts from the likes of Zillow and Goldman Sachs, others expect the heat to stay elevated in Austin’s housing market — by at least one measure, it's still among the hottest in the country.

Austin tied with Durham, North Carolina for third place in the U.S. News & World Report’s latest Housing Market Index, released Feb. 14. Raleigh, North Carolina ranked first and Denver ranked second.

The index takes into account data on employment, housing prices, builder sentiment and much more.

Austin ranked No. 4 in the supply sub-index, which included government data on housing supply, rental vacancy rates, construction costs, construction jobs, builder sentiment from the National Association of Home…

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